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Tokyo-based Sony’s net profit for the year through March totaled
1.03 trillion yen ($6.6 billion), down from 1.07 trillion yen in
the previous fiscal year.
Ending a plan to release an electric vehicle with Japanese
automaker Honda Motor Co. hurt its earnings. Rising costs of
computer chips also bit into profit and remain a concern,
according to Sony, which has film, music and video-game
operations.
Sony is forecasting a 1.16 trillion yen ($7.4 billion) profit
for this fiscal year, which would be a record for the company
and a 13% jump from the year that just ended.
Annual sales at Sony for the fiscal year that just ended rose
3.7% from the previous year to nearly 12.5 trillion yen ($8
billion), boosted by hit films such as the latest in the “ Demon
Slayer” series and “Kokuho,” and by healthy demand for games and
network services.
On a quarterly basis, profit at Sony, which is behind the Bravia
and PlayStation brands and the “Spider-Man” movies, fell 63% to
83 billion yen ($529 million) from 224 billion yen in the same
period a year earlier.
Quarterly sales edged up 8% to 3 trillion yen ($19 billion),
said the company, whose musical artists include Bad Bunny and
Sza.
Sony is counting on healthy sales from its upcoming films, such
as “Spider-Man: Brand New Day” and “Jumanji: Open World,” to
boost its bottom line for the current fiscal year.
Also Friday, Sony said it would spend up to 500 billion yen
($3.2 billion) to buy back up to 230 million shares.
Sony stock, which has been trading at about 3,000 yen ($19)
lately, gained 1% on Friday.
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